Bloomberry profit declines 38%
Bloomberry Resorts Corporation, owner of Solaire Resort & Casino and Jeju Sun Hotel & Casino, reported a 38 percent drop in unaudited consolidated net profit to ₱1.4 billion for the first quarter of 2020 from the ₱2.2 billion earned in the same quarter last year.
In a disclosure, the firm said consolidated net revenue in the first quarter was ₱9.4 billion, representing a decline of 13 percent from ₱10.8 billion in the same period last year.
“Our first quarter results have been significantly impacted by the COVID-19 pandemic. Global economic activity and tourism have drastically slowed while the Philippine Government’s Enhanced Community Quarantine has resulted in the temporary suspension of Solaire’s gaming operations,” said Bloomberry Chairman Enrique K. Razon Jr.
He added that, “We look forward to restart the gaming segment soon after the quarantine is lifted. We anticipate a slow recovery as our patrons, customers, and employees adjust to the ‘new normal.’”
For now, Bloomberry’s employees are undergoing regular testing as part of a comprehensive plan to maintain safe working and recreational environments at Solaire.
Solaire’s overall gross gaming revenue (GGR) performance in the first quarter was negatively impacted by the implementation of the government’s Enhanced Community Quarantine (ECQ) initiative and Pagcor’s March 15, 2020 directive in support of the ECQ. As such, gaming operations at Solaire have been suspended since March 16, 2020.
In the first quarter of 2020, total GGR at Solaire was ₱12.2 billion, representing a decrease of 10 percent from ₱13.6 billion in the first quarter of 2019.
Solaire’s VIP volume in the first quarter declined by 19 percent year-over-year to ₱150.8 billion. VIP GGR was ₱4.7 billion, representing a decline of 21 percent year-on-year. The VIP win rate was 3.13 percent compared to 3.22 percent in the first quarter of last year.
Mass table drop and EGM coinin at Solaire for the first quarter reached ₱9.7 billion and ₱54.0 billion, decreasing by 15 percent and 1 percent, respectively, compared to the first quarter of 2019.
Solaire Korea’s Jeju Sun reported gaming revenue of ₱93.1 million in the first quarter, representing a decrease of 63 percent from ₱253.6 million in the same quarter last year.
In response to the COVID-19 situation in South Korea, Jeju Sun began a phased suspension of operations on March 6, 2020 with full suspension achieved by March 21, 2020.